Debt in the Four Corners? We’re No. 1!

States are taking on more debt and according to Moody’s Investor’s Service, the per capita state debt for New Mexico works out to $1,398 per person. Far and away, that is the highest amount for states in the Four Corners region.

Here’s the breakdown:

New Mexico $1,398

Utah $957

Arizona $736

Colorado $400

The good news? Among the 50 states, at least we don’t have the highest per capita debt. That ignominious distinction goes to Connecticut at a whopping $4,859 per person.

The bad news? We’ve got a long, long way to catch up with the state with the lowest per capita state debt. The winner is Nebraska, which has a per capita debt of just $15 per person.

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Political leaders and central bankers round the planet have done everything they can to prop up failed lending institutions, and lending that was imprudent from the onset. We will not have a real sustainable recovery without an end to deficit spending and lots of financial institutions going bust. I find discussion about mortgage finance and loans a bit meaningless.

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